Do you know the value of an opt-in?
How to get top management support for effective permission management
Most people immediately agree that newsletter opt-ins are an intangible asset. But how is the value of an opt-in defined ? Guest author Torben Tietz examines this question specifically from the perspective of insurance companies .
Guest author : Torben Tietz, Managing Partner, MSR Consulting Group
Seth Godin coined the term permission marketing back in 1999. It always sounded logical that you should ask potential customers whether and how you can communicate with them. In 2018, everyone was shaken up again when the EU GDPR came into force on May 25, 2018. However, the permission was sometimes obtained based on individual interpretations or was not properly documented - and therefore the explicit consent requirement led to great uncertainty among senders.
Studies in the insurance market have even albania phone number data shown an impact on customer satisfaction around this time. The detailed analysis showed that the frequency of customer support from sales had decreased. The uncertainty had led to some of the customer support staff no longer contacting their customers. In the meantime, the world has moved on. Most companies have understood that they need consent for legally secure communication with their customers and are implementing this accordingly.
Special challenge in multi-level sales for insurance companies
But especially in companies with multi-level sales, this consent is often only given for the sales partner, but not for contact by the head office. In the insurance sector, on average, opt-ins are only given for 16% of private customers at the head office. As a result, a significant proportion of communication continues to be carried out by expensive and not very sustainable postal services. And that's not all. The possibilities of marketing automation cannot be used either. The cost of support from the head office increases . And even customer surveys can only be carried out with a media disruption.
Against this background, the topic of increasing the opt-in rate should actually be on every management agenda. Unfortunately, this is often not the case. The typical situation is that no clear responsibilities are defined and little happens apart from a few individual initiatives. The only lesson learned from the individual initiatives: "But that's exhausting!"